Monday, September 20, 2010

Market Ignores BP (NYSE:BP) After Permanently Killing Oil Well

The news that BP (NYSE:BP) killed their oil well was largely ignored by investors and traders, as their minds were on gold and other more important matters.

Thad Allen, the government point man for the BP oil crisis, announced on Sunday they have officially killed the oil well with the "bottom kill," the final step in the process.

Investors shrugged off the news today, although BP got a bump up early in the trading session, and is up to $38.40, gaining $0.37, or 0.97 percent, as of 12:01 PM EDT.

This was somewhat of an anti-climax concerning the well, as it hasn't leaked oil since July 15, and most considered it a foregone conclusion that the oil giant would be able to successfully complete the task.

BP now can fully focus on the legal aspects of the situation, which is picking speed, and also selling assets to raise capital to pay for legal losses and government fines.

Only a little over 3 million shares had traded hands at about noon today, down from the usual 30 million 3-month average.

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